Bitcoin is correcting gradually, and the market is rightfully excited. At report time, Bitcoin has raked in over 12% in daily gains, sending prices up to $40,641 while simultaneously clearing weekly losses, which at the peak of the bear market was all the way down to -30%. The last week saw Bitcoin accumulate enough to bring weekly gains above 9%, while many altcoins are still losing that much value.
Bitcoin Expected To Hit $50k In The Near Term
Market players like Tyler Winklevoss have asserted that the price of Bitcoin is headed upwards. It’s not difficult to agree with these predictions as Bitcoin is already close to the anticipated price mark.
Some key factors driving the market’s movement pattern, as observed by analysts’ include Elon Musk’s decent tweets, in which he shocked the public by noting that he is not entirely out of the Bitcoin market. Musk, who explained that Bitcoin mining consuming 50% of clean energy would guarantee Tesla’s return to the market, may have sent the price of the asset higher, by nearly 13%.
Although some market participants insist that the market has matured since the last bearish outburst from the billionaire, claiming that the Bitcoin market can no longer be swayed by Musk’s sentiments. While this may be true to an extent, it doesn’t take away from the fact that the Bitcoin market is still influenced by many other factors, some of which still include institutions and big whales.
The shorters are getting swept off the market today
Meanwhile, the expiration of $39 million short positions today could boost the price of Bitcoin, as the shorters get kicked out of the market.
Analysts’ are speculating that institutional players like Michael Saylor’s MicroStrategy will be waiting to accumulate as much as possible in their usual fashion. Tweets like “And Saylor hasn’t even started buying yet,”. ” and “Don’t sell your Bitcoins to Michael Saylor” have been circulating the Twitter community for a while now.
On the other hand, Crypto Quant’s Benjamin Cowen is optimistic that Bitcoin might imitate historic market patterns, noting that the last time the asset hit $39,000, another $10,000 flowed into the market by the end of the following week. His tweet reads:
“The last time Bitcoin had a weekly open at around $39k, it ended the week at close to $49k. Will this happen again?.”